2011 - 150 Years of Income Tax - UNC Set

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This post gives the details of UNC set. For Proof Set refer to the previous Post. For  Hyderabad Mint Single Coin UNC Set refer to this link.

The First set issued in the year 2011 was to commemorate the 150 Years of Income tax.
On this occassion a Proof Set and UNC Set were released. This is the second occassion on which a coins of Rs 150 was issued. The details are as below;

The coins minted under the authority of the Central Government, commemorate “Income Tax – 150 years of Building India.” The reverse faces of the coins bear the portrait of “Chanakya and Lotus with Honeybee” at the centre representing his famous lines;

“Ideally, governments should collect taxes like a honeybee, which sucks just the right amount of honey from the flower so that both can survive.”

Just below the portrait of Chankya, the word “Chanakya” is written in Hindi and English. The left and right peripheries of the coins are flanked with words “Income Tax-150 years of Building India” in both Hindi and English. The one hundred and fifty rupees coin is not only unique for its denomination but also its size and metal composition. This 44 millimetres circular coin is made of 50% silver.

The Income Tax department is celebrating 150 years of income tax in India. The Governor General of India accorded to the bill levying the tax, introduced by James Wilson, the first Finance Member in Council, on 24th July 1860. The 150 years of income tax, spanning 3 centuries, have witnessed tremendous global changes. The Income Tax department has traveled this journey by mobilizing resources, from a meager Rs.1.33 crore in 1860-61 to about Rs.380 thousand crore in 2009-10. These revenues have constituted a vital component in the resources used by the Government of India to lift the people out of abject poverty, disease and misery and propel India into the frontiers of strong and self-reliant nations. In the 150th year, the Income Tax department rededicates itself to the people of India with the avowed objective of mobilizing optimum resources to build a modern, developed, vibrant and prosperous nation.

At the close of the first decade of this century, the role of the Income Tax department has radically altered and needs redefining. The department needs to address the rising expectations of taxpayers through innovative use of technology and modern management skills to ensure equity, transparency and efficiency in delivery systems. The Citizen’s Charter 2007 has, accordingly, been revised and will be released by the Hon’ble Finance Minister in a function on 24th July 2010 at 3:30 PM, FICCI Auditorium, New Delhi. The Charter reflects the best endeavour of the Department and is expected to meet the aspirations of the people of India.

A short documentary film on the journey of 150 years of income tax, anchored by actor Om Puri, will be shown and the third volume of the book “Let Us Share” will be released during the function.

The soul of the country speaks through its art. On this historic occasion, an artists’ workshop was recently organized in Kolkata to ponder and reflect on creativity in the field of resource mobilization. Several eminent artists, including Dhiraj Chowdhury, Ganesh Haloi, Prakash Karmakar, Jogen Choudhury, Wasim Kapoor and Sunil Das joined artists in the Department, Bratati Mukherjee and Prasanna Kumar Dash, in bringing forth 40 paintings of outstanding quality. An exhibition of these paintings, along with other expressions of creative outpouring by personnel of the department, will be organized at AIFACS, New Delhi from 25th to 30th July 2010. The exhibition will be inaugurated by Smt. Suvra Mukherjee in the company of several other renowned artists of different parts of the country on 24th July at 6:30 PM.

The organisational history of the Income-tax Department starts in the year 1922. The Income-tax Act, 1922, gave, for the first time, a specific nomenclature to various Income-tax authorities. The foundation of a proper system of administration was thus laid. In 1924, Central Board of Revenue Act constituted the Board as a statutory body with functional responsibilities for the administration of the Income-tax Act. Commissioners of Income- tax were appointed separately for each province and Assistant Commissioners and Income-tax Officers were provided under their control. The amendments to the Income tax Act, in 1939, made two vital structural changes: (i) appellate functions were separated from administrative functions; a class of officers, known as Appellate Assistant Commissioners, thus came into existence, and (ii) a central charge was created in Bombay. In 1940, with a view to exercising effective control over the progress and inspection of the work of Income-tax Department throughout India, the very first attached office of the Board, called Directorate of Inspection (Income Tax) - was created. As a result of separation of executive and judicial functions, in 1941, the Appellate Tribunal came into existence. In the same year, a central charge was created in Calcutta also.

Proof Set:

Coins of Rs 150 and Rs 5
Refer to Previous Post

UNC Set:

Coins of Rs 150 and Rs 5